MelodyVR Group PLC Launch into Asia via exclusive Singtel partnership (7058J)

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RNS Number : 7058J

MelodyVR Group PLC

23 December 2020

MelodyVR Group PLC

('MVR' or the 'Company')

MelodyVR to launch into Asia via exclusive Singtel partnership

MelodyVR Group PLC (AIM:MVR), the leading immersive live music platform, is set to launch in Singapore in partnership with The Singtel Group ("Singtel"), Asia's leading communications technology company boasting more than 700 million mobile customers in 21 countries.

Earlier this year, Singtel, which is the number one operator in Singapore introduced a nationwide standalone 5G mobile telecommunications network. From early January 2021, MelodyVR will be offered as the exclusive 5G music partner to new and upgrading 5G Singtel customers purchasing handsets, including the Samsung Galaxy S20 Ultra 5G and iPhone 12 5G . Singtel has 4.3m mobile customers in Singapore representing more than a 50% market share.

At launch, customers who take up 5G data plans will get a three month subscription to MelodyVR, with an option to extend on a paid recurring monthly basis. Customers can also choose to commit upfront to an annual MelodyVR subscription, at a preferrential rate.

Singtel will remunerate MelodyVR for each of its customers who take advantage of the promotion or subscribes to MelodyVR thereafter, and will guarantee a minimum number of subscribers during the course of the initial 18 month deal term. In addition, Singtel has also committed significant investment to ensure the long-term success of this key partnership through a guaranteed marketing commitment, which will enable MelodyVR to increase its engagement with new audiences.

This marks the first move into south east Asia for MelodyVR, which currently operates in the UK, USA, Austria, Belgium, Canada, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal, Spain, Sweden and Switzerland.

The news is the latest in a series of announcements from MelodyVR. In August, MelodyVR announced the intention to acquire the Napster/Rhapsody brand, one of music industry's original disruptors. This acquisiton will lead to the creation of an enlarged group, with over 5m users including those engaged via Napsters platform services, and is anticipated to add annualised revenues of c.$100m post completion. The Company will seek to merge both MelodyVR and Napster brands, creating a unique music platform offering both immersive live performances and music streaming.

Anthony Matchett, CEO and Executive Chairman of MelodyVR says:

"We're delighted to announce our entry in to the Asian market and a region at the forefront of communucations and technology consumption. Our partnership with Singtel will allow us to showcase our content to a new demographic, demonstrating the global appeal of our platform and our ability to monetise and engage with music fans throughout all regions of the globe.

Singapore has long been within our sights: it is technologically fascinating and passionate about culture and entertainment. The possibilities are hugely exciting and we look forward to extending our reach and engagement throughout the region over the coming years.

Securing great telecommmunications partners such as Singtel is a strategic priority for the continuing business development of our enlarged group and extending our presence in both existing and new territories will help accelerate both user and revenue growth."

ENDS

For more information, please contact:

 
MelodyVR Group PLC 
Anthony Matchett , Executive Chairman & CEO        www.melodyVR.group 
 
  Arden Partners plc: Nominated Adviser and      Tel: +44 (0) 20 7614 
  Broker                                                         5900 
  Corporate Finance: Ruari McGirr / Ben Cryer 
  / Dan Gee-Summons 
  Corporate Broking: Simon Johnson

NOTES TO EDITORS

About MelodyVR

MelodyVR launched in 2018 with a simple mandate: not to replace the live music experience, but to harness the power of virtual reality to get people closer to the music they love.

By using VR technology, the founders realised that they could place fans in the crowd or on stage with their favourite musicians at live events. From epic stadium shows to intimate studio performances, the possibilities are endless: capacity restrictions are eliminated, music lovers can attend otherwise sold-out dates, and the barriers (distance, age, cost, access) that might keep people from experiencing their heroes live are swept away. The result? Artists can reach more fans than ever before, with a level of intimacy which has previously not been possible.

MelodyVR is the only licensed VR music platform and has the world's largest library of exclusive immersive and interactive music experiences from the likes of Post Malone, Lewis Capaldi, Kesha, Tom Grennan, Cypress Hill, Blake Shelton, Mabel, Wiz Khalifa, Kelly Clarkson, The Chainsmokers and Panic! At the Disco.

Available on smartphones and VR headsets, the MelodyVR app can be downloaded at on.melodyvr.com/App

www.melodyvr.com / @melodyvirtual / on.melodyvr.com/App

About Singtel

More information on Singtel 5G is available on singtel.com/5G .

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